UK-Based Compass Group's India Unit In Talks To Acquire Food-Tech Firm SmartQ
Published on 18th Sept, 2020 | 1 min read
Online food-tech startup SmartQ that provides services in the digital cafeteria segment is in talks to be acquired by UK-based Compass Group’s India unit for $6-7 million, a source has told Moneycontrol. SmartQ did not respond to Moneycontrol’s emailed queries on the deal and the status of the talks. Founded in 2014, by Krishna Wage and Abhishek Ashok, SmartQ provides services such as automated billing kiosks, centralised billing system, NFC prepaid cards, POS software to companies. Along with companies such as Goldman Sachs, Airtel and Razorpay, is also a client of SmartQ. SmartQ last announced a $1-million fundraise from a consortium of Dubai-based investors in 2018. To cater to the now-limited segment, companies like SmartQ are also working on slot-based booking systems in the cafeterias to minimise the risk of infection. Compass Group is one of the world’s leading providers of contract food and support services with a presence in 45 countries. Compass Group India is the wholly-owned subsidiary of Compass Group PLC and has been in the country since 2008.
